My fed tax due was > 20k. I filed an extension and paid 20k. I went back to finish my return it says I only owe $200. Why does turbo deduct the $ i paid for the extension

rebeldog2 · ‎June 3, 2019

JuttaS · ‎June 3, 2019

When you pay with your extension, you are paying off part of your taxes. Not just promising to pay, but paying.

So if your taxes owed for 2018 is $20,200 and you paid $20,000 with your extension, TurboTax "remembers" that and deducts the $20K from the total owed amount, thus you now only owe the remaining $200 when you file your taxes.

If it didn't account for the $20K payment and you forgot that you already paid, you'd be in danger of paying another $20K when you file your actual return.

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My fed tax due was &gt; 20k. I filed an extension and paid 20k. I went back to finish my return it says I only owe $200. Why does turbo deduct the $ i paid for the extension

Get your taxes done using TurboTax

My fed tax due was > 20k. I filed an extension and paid 20k. I went back to finish my return it says I only owe $200. Why does turbo deduct the $ i paid for the extension